In the special edition webinar today, Economic Significance of Meetings to the United States Economy hosted by Meeting Professionals International (MPI), Robert Canton from PricewaterhouseCoopers (PcW) along with other industry leaders and individuals shared with us the direct affects of meetings and events in the U.S. economy.
As a result of 33,000 industry contacts being surveyed, we are now able to see what event planning industry leaders have always suspected – monetary contributions as a direct result of annual events and meetings have an incredible affect on the U.S. economy. There are approximately 1.8 million meetings each year from corporate and business meetings to conventions and conferences to trade shows to incentives and other types in which nearly $263 billion is spent to make them happen.
U.S. meetings contribution numbers:
• $106 billion to the U.S. GDP
• $60 billion to labor income
• $25.6 billion direct tax revenue generated
• 1.7 million employed in full or part-time jobs
• One of the highest monetary contributors out of 17 U.S. industries (above motor vehicles, air transportation, performing arts and motion picture and sound, among others)
Almost 85 percent of the 1.8 million annual meetings are held at hotels and 30 percent of all room nights generated by the U.S. are a direct result of U.S. meetings. The event planning industry is a labor intensive industry where business gets done, even in the economical recession.
Way to go event planning industry! You all should be proud of yourselves. Take this information, spread it and keep up the great work. Snappening is excited to continue to be a part of the industry as it continues to grow!